SANTA CRUZ - Santa Cruz County Bank posted a record $1.2 million profit for the quarter ending Sept. 30, up 26 percent from the prior quarter and up 45 percent from a year ago.
David Heald, the bank's president and CEO, attributed the results to "sustainable growth in earnings, assets, loans and deposits while controlling expenses."
Loans totaled $297 million, up 1 percent from the prior quarter and up 24 percent from a year ago. That growth reflected $15.5 million in loan payoffs.
The 10-year-old locally owned bank made $41.7 million in loan commitments during the quarter, and funded $28.4 million.
Heald said the commitments included $22 million in commercial and industrial loans, largely in agriculture, a special focus for the bank along with wineries, and in hospitality.
SANTA CRUZ - Santa Cruz County Bank on Thursday declared a quarterly cash dividend of 5 cents per share, payable Oct. 10 to stockholders of record as of the close of business on Sept. 25. This is the sixth cash dividend declared by the 10-year-old locally owned bank.
Santa Cruz County Bank reported record quarterly net income of over $1 million for the second quarter ending June 30. Book value that date was $16.79 per share, up from $15.61 on June 30, 2013.